Clients of F&C REIT, including AREA Property Partners and Turkey-based ESAS Holding, have completed three UK acquisitions in a club deal totalling £120 mln (EUR 136 mln).

The three investments consist of an unbroken parade of retail units and office suites in Stevenage, the Halton Lea shopping centre in Runcorn and a portfolio of regional offices purchased from St Martins.

The assets in Stevenage town centre comprise 29 retail units and four office suites with tenants including Topshop, Vision Express and Vodafone. The units together total 85,000 sq ft (7,900 m2) with a passing rent roll of £2.2 mln.

The St Martins portfolio comprises seven regional offices located in Birmingham, Bristol, Edinburgh, Glasgow, Harrogate, Leeds and Manchester. The offices together total 602,000 sq ft with a passing rent roll of £6.7 mln.

The Halton Lea shopping centre in Runcorn, Cheshire, offers 496,000 sq ft with a net rent roll of £2.6 mln. The centre is anchored by Tesco.

Zvi Noé, director of Investments at F&C REIT, said: 'The assets acquired are fundamentally good quality, well-located properties that offer a variety of value creation opportunities, through targeted asset management initiatives, in combination with attractive entry pricing.'

He added: 'We are delighted to complete another acquisition with AREA Property Partners. In addition, F&C REIT has brought together internal clients including a family office into the investment, highlighting the broad spread of investors we are able to bring together.'

F&C REIT and AREA Property Partners were advised by Franc Warwick.